|
<br />88- 102947
<br />
<br />If Lender required mortgage insurance as a condition of making the loan secured by this &:curity Instrument,
<br />Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the
<br />insurance te'rminates.in accordance with Borrower's and Lender's wrilten agreement or applicabl~ law,
<br />I. '1~0Ii; Lender or its agent may make reasonable entries upon and inspections of the Pwperty, Lender
<br />shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequenlial. in connection with
<br />any condemnation or other taking of any parl of the Properly, or for conveyance in lieu of condemnation, are hereby
<br />assigned and sh511 be paid to Lender,
<br />In the event of a total taking of the Properly, the proceeds shall be applied to the sums secured by this Security
<br />Instrument. whether or not then due, with any excess paid to Borrower, In the even I of a partial taking of the Property,
<br />unless Borrower and Lender otherwise agree in Writing. the sums secured by Ihis Security Instrument shall be reduced by
<br />the amount of the proceeds multiplied by the following fraction: (a) the lotal amount of the sums secured immediately
<br />before the taking, divided by (b) the fair market value of the Properly immediately before the taking. Any balance shall be
<br />paid to Borrower.
<br />[f the Property is abandoned by Borrower. or if, after notice by Lender 10 Borrower that tbe condemnor offen. to
<br />milian award orseltle a claim for damages, Borrower fails to respond to 1 ender wilhin 30 days after thedatc the notice is
<br />given, Lender is authorized 10 collecl and apply Ihe proceeds. al ils option, either to resloration or repair of the Property or
<br />to the sums secured by Ihis Securily Instrumenl, whether or nOI then due,
<br />Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not extend or
<br />poslpone Ihe due dale of Ihe monthly payments referred to in paragraphs I and 2 or change the amount of !uch payments.
<br />10. Borrower Not Releued; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amorlization of Ihe sums secured by IhlS Securily Inslrument granled by Lender to any successor in
<br />interesl of Borrower shall not operate to release Ihe Iiabilny of Ihe original Borrower or Borrower's successors in interest,
<br />Lender shall not be required to commence proceedings againsl any successor in interesl or refuse 10 extend time for
<br />payment or olherwie modify amonizalion oflhe sums secured by thIS Security Instrumenl by reason ohny demand made
<br />by the original Borrower or Borrower's successors in inlerest. Any forbearance by Lender in ellercising any right or remedy
<br />shall not be a waiver of or preclude the exercise of any nght or remedy.
<br />11. Suc:ceaaon and AuiJIDI Bouad; Joint IIDd Mnral Ualllllt)'; Co-siRDen. The covenants and agreements of
<br />Ihis Security 'nstrument shall bind and beneflllhe succosors and assigns of Lender and Borrower, subJeclto the provisions
<br />of paragraph 17, Borrow~r's covenanlS and agreements shall be Joint and several. Any Borrower who co-signs this Security
<br />Inslrument but does not execute the NOle: (a) is co-signinlllhis Security Inslrument only 10 mongage, grant and convey
<br />that Borrower's interesl in Ihe Properly under Ihe lerms of Ihis Security Instrumenl; (b) is not personally obligated to pay
<br />Ihe sums secured by Ihis Security Instrumenl; and (c) agrees thai Lender and any other Borrower may agree to eXlend.
<br />modify, forbear or make any accommodations WIth regard to Ihe terms of Ihis Security Instrumenl or the Note without
<br />Ihat Borrower's consent.
<br />12. Lou CIaarps. If the loan secured by this Securlly Instrument is subject 10 a law which sets maximum loan
<br />charges, and that law is finally interpreted so that lhe interest or olher loan charges collecled or to be collected in
<br />connecllon with the loan exceed Ihe permilled hmlls, Ihen CD) any such loan charge shall be reduced by the amount
<br />necessary 10 reduce the charge 10 Ihe pennilled limn; and (b) any sums already collected from Borrower which exceeded
<br />permitted limils will be refunded to Borrower Lender mDY choose 10 make thIS refund by reducing Ihe principal owed
<br />under the Note or by making a direcl paymenllo Borrower, If a refund reduces pnncipal. Ihe reduction will be treated as a
<br />panial prepayment wllhout any prepayment charge under I he NOle,
<br />13. LeaislatJoa Affmlnl Lender', Rlpu, If enactment or el\plralion of applicable laws has the effecl of
<br />rendering any proviSIOn ofthe Note or thiS Security Instrument unenforceable according to ils lerms, Lender. allls option.
<br />may require immediate paymenl in full of all sums secured by thiS Secunty Instrument and ma)' mvoke any remedies
<br />permitted by paragraph 19, [fLender exercises this option, Lender shall lake Ihe steps specified in the second paragraph of
<br />paragraph 17,
<br />14. Notic:a. Any notice 10 Borrower prOVided for in Ihls Security Instrument shall be given by delivering il or by
<br />mailing it by first class mail unless applicable law reqUIres use of another method, The notice shall be directed 10 Ihe
<br />Propeny Address or an)' other address Borrower designales by notice to Lender, Any notice to Lender shall be given by
<br />firsl class mail 10 Lender's address staled herein or any other address Lender designates by notice 10 Borrower, Any notice
<br />provided for in this Security Instrument shall be deemed 10 have been given 10 Borrower or Lender when given as provided
<br />in this paragraph,
<br />15. Go.ernllll Law; Murabillty. This Secunly Instrumenl shall be governed by federal law and Ihe law oflhe
<br />jurisdiction in which the Property is localed, In the event thai any provision or clause of this Security Instrument or Ihe
<br />Note conllicts witt. applicable law, such conllict shall not affect other proviSIOns of this Secunty Instrument or Ihe NOle
<br />which can be given elrect wilhoulthe confticling proviSIon, To Ihis end Ihe proVIsions of thiS Security Instrument and the
<br />NOk are declared 10 be severable.
<br />16. Borrower'. Copy. Borrower shall be given one conformed cop~' of the Note and of Ihis Sc:cumy Inslrumenl.
<br />17, Transfer of the Property or a Beneliclal Interest In Borrower. I f all or any pari of t he Properly or any
<br />Interest in it is sold or lransferred (or if a beneficial interesl in Borrower is sold or Iransferred and Borrower is nOI a natural
<br />person) willtout Lender's prior written consent, Lender may, at ils oplion. require immedlale paymenl in full of all sums
<br />secured by this Security Instrument, However. this option shall nOl be exercised by Lender if el\erdse IS prohibiled by
<br />federalllw as of the dlteoflhis Securily Instrumenl,
<br />If lender exercises this ofltion, Lender shall give Borrower notice of acceleration, The nollce shall provide a penod
<br />of not less than 30 days from Ihe dale the nOlice is delivered or mailed wllhin which Borrower musl pay all sums secured by
<br />I hIS Security Instrument. If Borrower fails 10 pay these sums pnor 10 Ihe expiration of Ihis penod, Lender may Invoke any
<br />remedies permined by Ihis Securily Instrumenl without furlher nOllce or demand on Borrower
<br />11. Borrower's Rlpt to Reln.tate. If Borrower meets cenain conditions. Borrower shall have lhe right 10 have
<br />enforcnnenl of this Security Instrumenl discoRlinued al any time prior to Ihe earlier of: (a) 5 days (or such olher period as
<br />applicable law mil' specify for reinslatement) before sale of Ihe Property pursIJantlo any power of sale conlained in thiS
<br />Security Instrument; or (b) entry of a judgment enforcinlllhls Secunty Instrumenl, Those condillons are thaI Borrower:
<br />(a) pays Lender all sums which Ihen would be due undr.r Ihis Securily Inslrument and t!le NOle had no acceleration
<br />occurred; (b) cures any default of any olher COvenanll or agreemenls; (c) pays all el\penses Incurred in enforcing thl~
<br />Securily InSlrumenl. inchldlng, bUI 1101 Iimiled 10, reasonable attorneys' fees; and (d) lakes such aClion as Lender may
<br />re__..bly requIre to GlSSllrt that lhe lien of Ihis Security Instrument, Lender's nghls in Ihe "ropen)' and Borrower's
<br />oblipllOR 10 pay the sums ~ured toy Ihi' munl)' Inslrument shall conllnue unchanged, Upon rCInSUllement b)'
<br />Donow!!'r.lh.. SecurHy InMrUMi:nland lhe obhg8110M '<:cured herehy shall remalO fully elTecllve 'I' If no aCI.-clerllllon h"d
<br />occurred, Howcver, lhis nghl 10 reinstate shall nol apply III the casc of acceJerallon under parllgral,hs I J or I'
<br />
|